To incorporate a new LLP or change the name of an existing LLP, you can apply for reservation of name through the RUN-LLP service available on the MCA Portal.
Rules to select proposed name of LLP
- The name should not be obstructed in the Emblems and Names (Prevention of Improper Use) Act, 1950
- It should not be an exact translation in Hindi or English of an existing LLP
- It should not have a phonetic resemblance to the name of an existing LLP. Eg: J.K. LLP v/s Jay Kay LLP
- It must not contain:
- any words that are offensive to a specific set of people
- words like co-operative or sahakari or a similar word in a regional language
- words like national, union, central, federal, republic, president, rashtrapati etc that falsely indicates a connection with the central or state government
- the word ‘British India’
- words like bank, insurance, banking, venture capital, mutual fund etc without the approval of the regulatory authority
- words like company secretary, chartered accountant, advocate etc without obtaining approval from the concerned council
- The name must not indicate a connection with an embassy, consulate or a foreign government
- It must not include the name of a registered trademark unless the owner gives the consent
- It must not resemble to the name of an LLP or Company in liquidation or the one which is struck off up to a period of 5 years
To read more about the laws and rules governing the name reservation for an LLP, refer to the Instruction Kit of MCA
FAQs
As per Companies Act, 2013 the name of a company cannot be identical to the name of an existing LLP or trademark. Hence, if the name is similar or identical to an existing company, the name application will be rejected.
To approve your Limited Liability Partnership name with ROC can generally take about 3–5 days once you upload the form & payment of fees has been cleared.
Indeed. It is possible to convert an LLP into a Pvt. Ltd. company as per the provisions contained in Section 366 of the Companies Act, 2013 and Company (Authorised to Register) Rules, 2014
Hello @Shelly_Trivedi
In order to register an LLP on Ministry of Corporate Affairs, the first step is to reserve a name for the proposed LLP. In order to reserve name, RUN-LLP needs to be filled out on MCA along with 2 proposed names of the LLP and NoC, if any required by paying a fee of Rs. 200/-
Once the name has been approved by MCA, the name is valid for a period of 3 months within which e-Form FiLLiP needs to be filed along with documents as may be required, for incorporating the LLP. The fees of filing e-Form FiLLiP depends on the contribution of the LLP.
Hope this helps!
Hey @AM_POWER
As per the Limited Liability Partnership Act, 2008, Financial Year is defined as under:
" financial year, in relation to a limited liability partnerships, means the period from the 1st day of April of a year to the 31st day of March of the following year:
Provided that in the case of a limited liability partnership incorporated after the 30th day of September of a year, the financial year may end on the 31st day of March of the year next following that year;"
Hence, an LLP incorporated in February, 2019 can opt for closing its books of accounts in March, 2021. Thus you don’t need to make the compliances for FY 2019-20, as the first financial year will be from February 2019, to March, 2021.
Hope this helps!
Hey @AM_POWER
There was a typo in the previous post regarding the financial year.
However, you wont be able to take the benefit of Financial Year in your case so what you can do is raise a complaint on MCA and explain that Form-3 wasnt approved. Or you can contact your local ROC for this.
Hope this helps!
Hey @AM_POWER
For Form-8 (Section 34) and Form-11 (Section 35) of the LLP Act, 2008, specifies that if any LLP fails to file its annual return before the expiry of the periods specified, such LLP and the Designated Partners shall be liable to pay a penalty of Rs. 100/- per day, subject to maximum Rs. 100,000/-
The above provisions are subject to any extensions that may have been provided by MCA for that financial year.
You can check out the LLP Act, 2008 here.
Hope this helps!
Hi @Mohit_More
In order to add or remove Designated Partner of an LLP, e-Form - 4 needs to be filed within 30 days of such addition/ removal.
You can learn more about making changes in Designated Partners of LLP here
Hope this helps!
Hello @Rachit_Awasthi1
LLP Agreement shall be filed in e-Form-3 within 30 days of incorporation.
Here’s an article that explains LLP Agreement in details
Hey @Vicky_Singh
The major advantages of an LLP over a partnership firm is that an LLP has a separate legal existence than its owners and the liability of the partners of an LLP is limited which is not the case in a partnership firm.
You can read more about the process of converting an a partnership into an LLP here:
Hope this helps!
I had a query, how can I file Annual Return for LLP?
Hey @Nandana
Annual return of LLP is to be filed in e-Form 11. Fill in the details regarding LLP and Designated Partners like their contribution, etc. Details of LLP and or company in which Partner/Designated Partner are a Director/Partner is mandatory to attach with the form.
Hope this helps!
Hey @Ujvin_Nevatia
As per LLP Act, Financial Year means the period starting 1st of April and ending 31st March of the following year. However, since your LLP has been incorporated after 1st April, your financial year will start from the date of incorporation, i.e., 07/11/2020.
Details of Designated Partners is a mandatory attachment for Form-11 even if the Designated Partners are not Directors/ Designated Partners in any other entity. You can mention “NIL” in the field where you are supposed to mention the name of LLP/Company against the DPIN or each Designated Partner.
You can download the format of details of designated partners here
Hope this helps!